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Some good news recently happened to the cryptocurrency populace in Uzbekistan as its citizens can now trade digital currencies on their authorized crypto exchange platforms. Looks like their government has come to its senses and saw the huge potential in digital assets.
Amendment on cryptocurrency
Such development broke out following Uzbekistan President Shavkat Mirziyoyev’s amendment of the National Agency for Project Management (NAPM) rules that are connected with the country’s trading of cryptocurrencies.
Per the latest ruling, Uzbekistan residents can now purchase, sell, and swap crypto assets within the country for their national currency – the Uzbekistani soʻm. It was also reported that there was a decree coming from the above-mentioned agency’s director that non-residents are also authorized to trade cryptocurrencies for foreign fiat.
The Central Asian nation accepted the trading of cryptocurrencies back in 2018, though its government prohibited its people from buying digital currencies in the year that followed. The only thing they could do is to sell crypto. Uzbekistan’s regulating agency stated that the removal of such prohibitions has something to do with its people trying on a different avenue in investing cryptocurrencies that have been deemed as balanced and more rational.
A reminder
Back in September, NAPM notified Uzbeks against the exchange on undocumented crypto trading platforms and informed them that in compliance with the presidential decree on measures in developing the digital economy within the country alongside the law “on licensing and notification procedures,” operations involving cryptocurrency trading will still have to undergo licensing first.
Additionally, the recent policy changes further concern the trading and distribution of digital tokens. The NAPM bans these so-called unsecured tokens from getting listed on Uzbekistan’s local crypto exchange platforms. The law has set a definition on these tokens as a unit of account secured by “tangible or other property” and being utilized to entice investment.
Meanwhile, Tashkent authorities have kept a positive stance toward the cryptocurrency landscape. In January 2020, they revealed their intent in putting up what is called a national mining pool, the creation of a so-called blockchain valley, establishing a crypto exchange, and the introduction of cryptocurrency tax exemptions. In line with this, the crypto exchange platform dubbed Uznex – a firm being run by the South Korean company known as the Kobea Group – was introduced during that month as well.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
